Barclays Bank of Kenya

Barclays Bank of Kenya
Public
Traded as KN: BBK
Industry Banking
Founded 1916
Headquarters Nairobi, Kenya
Key people
 Francis Okomo-Okello
Chairman
Jeremy Awori [1]
Managing Director
Products Loans, credit cards, savings, investments, mortgages
Revenue Increase: Aftertax:US$89.7 million (KES:7.1 billion) (2013)[2]
Total assets US$2.329 billion (KES:200.975 billion) (March 2014)
Number of employees
 3,000+ (2014)[3]
Website Homepage

Barclays Bank of Kenya Limited, also known as Barclays Bank of Kenya, is a commercial bank in Kenya. It is licensed by the Central Bank of Kenya, the Central Bank and national banking regulator.[4]

Overview

The bank is a large financial institution in Kenya, with an estimated asset base in excess of US$2.329 billion (KES:200.975 billion), as of March 2014. At that time, Barclays Bank of Kenya was the fifth-largest commercial bank in Kenya, by assets, behind KCB Group, Equity Group Holdings Limited, Cooperative Bank and Standard Chartered Kenya.[5] The institution serves the banking needs of large and small business customers as well as individuals.

History

The bank's history traces from 1916 when the National Bank of South Africa (now First National Bank) opened a branch at Mombasa.[6] In 1925, National Bank of South Africa was merged with the Anglo-Egyptian Bank and the Colonial Bank in 1925 to form Barclays Bank (Dominion, Colonial and Overseas).[7] This brought the Kenyan operations under Barclays Bank.

The bank was licensed in its present form in 1953 and in 1978 it was incorporated locally as Barclays Bank of Kenya, a wholly owned subsidiary of Barclays Bank International. The bank listed its shares on the Nairobi Stock Exchange in 1986 through a successful IPO.[6] These shares trade under the symbol: BARC.

Before 2013, The bank is a subsidiary of Barclays Bank Plc. (through Barclays Africa), an International financial services conglomerate, whose shares of stock are listed on the London Stock Exchange under the symbol: BARC and on the New York Stock Exchange (NYSE) under the symbol: BCS. In 2013, Barclays Plc. adopted the combined strategy to operate as “One Bank in Africa” with an aim of increasing efficiency and boosting returns from the African Units. This led to the merging of all Barclays Plc. businesses in Africa (other than Egypt and Zimbabwe units) through Absa Group Limited, leading to the formation of Barclays Africa Group. The stock of Barclays Africa Group, which owns 68.5% of Barclays Bank of Kenya, is listed on the JSE.[8][9]

Branch network

As of August 2014, the bank maintains a network of nearly 120 branches and over 240 ATMs in various locations across Kenya.[10]

Governance

The Chairman of the ten-person Board of Directors of Barclays Bank (Kenya), is Francis Okomo-Okello, one of the non-Executive Directors. Jeremy Awori, serves as the Managing Director of the bank.

See also

References

  1. ↑ Business Daily Reporter, . (4 February 2013). "New Barclays Kenya MD Takes Office". Business Daily Africa (Nairobi). Retrieved 4 August 2014.
  2. ↑ Herbling, David (6 February 2014). "Barclays Net Profit Falls 12.7 Percent". Business Daily Africa (Nairobi). Retrieved 4 August 2014.
  3. ↑ Herbling, David (9 February 2014). "Barclays Ends Staff Restructuring Plan After 500 Job Cuts". Business Daily Africa (Nairobi). Retrieved 4 August 2014.
  4. ↑ CBK, . "Bank Supervision: Commercial Banks & Mortgage Finance Institutions". Central Bank of Kenya (CBK). Retrieved 4 August 2014.
  5. ↑ Bankelele, . (28 April 2014). "Kenya Bank Rankings By Assets 2013". Bankelele.Co.Ke. Retrieved 4 August 2014.
  6. 1 2 "Founding banks and building societies > Barclays Bank of Kenya". Barclays Bank. Retrieved 2015-08-27.
  7. ↑ Anthony, Michael (2001). Historical Dictionary of Trinidad and Tobago. Scarecrow Press, Inc. Lanham, Md., and London. ISBN 0-8108-3173-2.
  8. ↑ Buthelezi, Londiwe (8 April 2013). "Absa’s Deal To Buy Barclays’ African Operations Runs Behind Schedule". © Copyright 1999 - 2014 Independent Online, A Division of Independent Newspapers (Pty) Limited. Retrieved 4 August 2014.
  9. ↑ Ndzamela, Phakamisa (7 October 2013). "Ramos Doing Good Job, Says Barclays Boss". Banking.Org.Za. Retrieved 4 August 2014.
  10. ↑ BBK, . "Barclays Bank Kenya: Nearest Branch/ATM". Barclays Bank Kenya (BBK). Retrieved 4 August 2014.

External links

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